Medicare Supplement Plan D, not to be confused with Part B of Medicare, is one of the many standardized plans available for those enrolled in Medicare. The Medicare Supplement Plan D would cover all expense sharing that you are normally responsible for, however, it does not include the one-time annual Medicare Part B deductible or the Medicare Part B Excess charges, if any. It is important to note that Medicare Part D involves prescription coverage, while the Medicare Supplement Plan D is completely separate. A Medicare Supplement plan acts as a secondary/supplementary coverage to accompany Medicare.
When looking into enrolling in the Medicare Supplement Plan D, it is important to weigh your options. You should never get one single quote from a company and stick with that one without doing further research. Although many companies may have this same standard plan, that does not mean that they all charge the same for the plan. You should always shop around for the best coverage at the best price period. Most companies use the same basic factors when considering the offer for coverage to you.
Some of the basic factors insurance companies consider:
- Age: Obviously, your health status tends to change as you get older so insurance companies must consider your age when you apply for coverage.
- Health Status: Insurance companies must consider what kind of health you are in at the time you apply so that they may better prepare a plan for you that will not only fit your immediate needs, but also help to plan for your future needs.
- Smoking: Since smoking is known to influence a number of health problems, insurance companies commonly ask if you smoke or use tobacco products.
- Gender: Insurance companies use a scale of common statistics to determine the likelihood of you contracting certain illnesses influenced by your gender.
All of these and more could influence an insurance carrier’s decision whether or not to extend coverage to you and at what expense. Just because all Medicare Supplement Plan D policies are standardized, that does not mean the monthly premium is the same. Each company is competitive with one another in that they will charge different rates. It’s up to you to do your research and shop around for the very best coverage at the best rate available.
and Medicare supplement rates can vary greatly within different companies. There are certain basic factors that many companies rely on when designating the different plans and Medicare
rates they will offer. A few of the common determinants are as follows:
- Tobacco products: Most often, those who have used tobacco in the past year will likely pay a higher premium than someone who has not used tobacco in the last year. Since tobacco is known to cause a variety of different health problems, this is something that is greatly considered by insurance companies.
- Age: Depending upon your age at the time you are requesting healthcare coverage, your Medicare rates may be higher. The older a person gets, the more likely it is that they will develop illnesses or certain health issues which indicates a bigger risk to the insurance company. Just the same, a younger individual who may be of perfect health, may qualify to pay a lower insurance premium.
- Gender: In some states under certain providers, females may be offered lower Medicare rates on supplement plans than males of the same age. This is primarily based on common statistics of health of men versus women.
- Hard to Insure: Those that have been turned down by several other health insurance companies will likely have a much higher premium than others when they are finally able to find a company to insure them. This happens, in many cases, with those that may be terminally ill or those that will continue to have problems on a regular basis in the future.
- Financial Stability: This factor has more to do with the insurance companies themselves rather than the consumer. If a company is not financially stable, sometimes they are forced to raise premiums in order to raise profit within the company. Many times, you can qualify for a much lower premium with a more stable and reputable company.
- Method of Payment: In most cases, if you were to set up automated payments to pay your premium every month, you are likely to get better Medicare rates on a supplemental insurance plan. This is because there are administrative charges incurred by the insurance company that is eventually added into your premium.
All of these aspects come into play when an insurance company is considering your application for coverage. Since Medicare rates and Medicare supplement plans
can vary so greatly with different companies, it is very important to shop around for the very best coverage at the best possible rate.